中国内地、香港、台湾权证市场风险监管制度比较与启示

Comparison of Securities Market Risk Supervision System in China's Mainland,Hong Kong and Taiwan and Its Inspiration

针对权证市场的潜在风险,即发行人履约风险、标的物价格异动风险、权证价格被操控风险,目前中国内地、香港和台湾分别采取了重点监管型、事前监管型和全面监控型三种监管模式来控制风险。与香港相比,台湾的监管要求比较严厉,不仅被监管的栏目较多,而且监管要求也比较详尽、具体、量化且严格;但类似的规定在早年的香港市场也曾实施过。随着权证市场的成熟与完善,香港逐渐从制度化监管转化为自律监管、市场监管和弹性监管,从全程监控转化为重在事前监控,其本质是监管重点发生转移,即在继续监控的方面加强力度、提高限制,而在放松监控的方面则以市场化手段作为替代并辅以违法严惩。目前,中国内地的权证市场还处于初级阶段,宜对各类风险实施全面监控,并对一些环节进行重点监管。

According to potential risk in securities market, such as issuer performance risk, underlying price change risk and the risk for securities price being manipulated, currently China's Mainland, Hong Kong and Taiwan respectively use emphatically supervising type, in advance supervising type and overall supervising type to control the risk, Taiwan＇ s supervision is much stricter than Hong Kong, the items which are supervised are more and the requirement for the supervision is detailed, practical and quantitative, however, the similar rules were implemented in Hong Kong years ago. With the perfecting of securities market, Hong Kong gradually changes the supervision from institutionalized supervision to self-discipline supervision, market-oriented supervision and elasticity supervision, from overall process supervision to in advance supervision, whose essence is that supervising items change, in other words, strengthening supervision and strict restriction in the items which should be continuously supervised, however, market-oriented supervision and legal enforcement for the items which should not be strictly supervised should be used. Presently, securities market of China's Mainland is at initial stage, China should overall supervise all kinds of items and emphatically monitor some important steps.